What is the max a single person can put in their HSA a year?

Health Savings Accounts (HSAs) are a valuable tool for individuals to save money for medical expenses while also enjoying tax benefits. One common question many people have is, 'What is the maximum amount a single person can contribute to their HSA each year?'

The maximum contribution limit for an individual with self-only coverage in 2021 is $3,600, and for those with family coverage, the limit is $7,200. It's important to note that these limits are subject to change annually, so it's wise to stay updated on any adjustments.

Contributions to an HSA are tax-deductible, grow tax-free, and can be withdrawn tax-free for qualified medical expenses. This triple tax advantage makes HSAs an attractive option for those looking to save for healthcare costs in a tax-efficient manner.

When it comes to managing healthcare costs, understanding your Health Savings Account (HSA) limits is key. For the year 2021, the maximum contribution for a single individual is set at $3,600, while families can contribute up to $7,200. Staying informed about these limits ensures you're maximizing your healthcare savings.